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Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for…

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Elliott Wave Analysis On SP500 And USDCHF

S&P500

S&P500 broke out of the fourth wave triangle towards the final wave 5 and is now in attempt to reach lower levels from new highs. We know that after every five wave impluse a three wave correction follows, so now we expect lower levels as in waves A-B and C. Support for this corrective retracement can be around 2071/2075, where previous swings can react as turning points higher.

Invalidation level is at 2040, as long as it hold we are looking to the upside.

S&P500, 30Min

S&P500 30-Minute Chart


USDCHF

On the USDCHF in the last wave C), price reached our projected levels around 0.951 region, from where a new intraday bounce occured. Because we think that last wave C) is an ending diagonal, a powerfull reversal pattern, we believe that price can now reach higher levels. First indicator for higher levels will be breake above the 0.960 mark.

USDCHF, 1H

USD/CHF 1-Hour Chart

 


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